Emergency Youth Employment Tax Incentive Act

Emergency Youth Employment Tax Incentive Act - Amends the Internal Revenue Code to allow an increased income tax credit under the targeted jobs tax credit program for qualified youth employed between May 17, 1982, and September 17, 1982. Increases the rate of such credit from 50 to 85 percent.

Defines "qualified youth" as an individual: (1) who is between 16 and 21 years old; (2) who has not displaced any other individual from employment; (3) who performs services on substantially a full-time basis; and (4) who is certified as being a member of an economically disadvantaged family.

Provides that 15 percent of the youth hired by any one employer need not be economically disadvantaged.

Exempts wages paid to a qualified youth from income tax, social security tax, and unemployment tax.